What You Need for a Mortgage

When applying for a mortgage, your chosen financial institution will require accurate documentation on your current and past financial situation. This checklist is a great guideline of the typical items required by a bank when applying for a mortgage.

Lender Checklist:

W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

Copies of at least one pay stub for each person signing the loan.

Account numbers of all your credit cards and the amounts for any outstanding balances.

Copies of two to four months of bank or credit union statements for both checking and savings accounts.

Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.

Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.

Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

Copies of your most recent 401(k) or other retirement account statement.

Documentation to verify additional income, such as child support or a pension.

Copies of personal tax forms for the last two to three years.

Throughout the loan process your bank may require additional paperwork or verification of the items listed above. Banks have become more strict in the reviewing and underwriting of each loan. Currently, the average loan take about 45 days to close. Being prepared and gathering the above listed items prior to meeting with a loan office will help to reduce the time it will take for your loan to close. The professionals at Red Door Real Estate can assist you in finding a quality lender. Please contact us today to discuss your options.